MV Transportation is the largest privately owned passenger transportation contracting services firm in the U.S.

Capital Metro's board approved the largest contract in the transit agency's history Monday, inking a $1.4 billion deal for Dallas-based MV Transportation Inc. to oversee all operations of the Austin area's bus and transit system.

Under the current contract, Cap Metro's operations are split between MV Transportation and France-based RATP Dev. MV Transportation will take over all operations in January 2020 when the five-year contract begins.

MV Transportation has been contracted by Capital Metro since 2012. The company operates the transit agency's MetroRapid, UT Shuttle services and several MetroBus routes, the release said.

"This is a big moment for the Capital Metro family," Randy Clarke, Cap Metro's president, said in the release. "Major transitions are complex, but we're confident that the combined contract will improve employment opportunities and give us the flexibility needed to always provide the best service to our customers."

MV Transportation is the U.S.'s largest privately owned passenger transportation contracting services firm. It oversees operations of Dallas Area Rapid Transit, New York's public school system and Las Vegas' regional transit system.

The company's more than 200 contracts in 30 states produced over $1.3 billion in revenue last year, according to its website.

"We are proud to extend our partnership with Capital Metro and appreciate the confidence its leadership team and board have placed in MV," said MV's CEO Tom Egan. "We share the Project Connect vision for implementing affordable transportation options that connect Austin communities to jobs, schools, health care and more and are committed to making it a reality."

All Cap Metro employees employed under the old operations agreement will be offered priority offers of employment without a reduction in pay or benefits.